Shyam Metalics raised Rs 1,385 cr through QIP

Kolkata: City-based Shyam Metalics and Energy Limited (SMEL) announced that it has raised Rs 1,385 crore through Qualified Institutional Placement (QIP).

The QIP Committee at its meeting approved the issue allotment of 24,051,165 equity shares of face value of Rs 10 each to 38 Qualified Institutional Buyers (QIBs) at an issue price of Rs 576 per equity share (including a premium of Rs 566 per share), the company informed bourses on Wednesday.

The allotment completes our dilution as per minimum public shareholding requirements prescribed by SEBI, the company said. The company achieved a CAGR exceeding 15 per cent in the past and anticipated sustaining the same growth trajectory.